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Get your taxes done using TurboTax
@user53165 wrote:
They don't clarify at all. Just saying: you cannot carry forward losses on those trades. But I am curious what is the difference? Losses are losses.
That is why I asked if you could get some clarification from them; they absolutely should be able to cite a rationale as to why you cannot carry forward the losses.
Otherwise, losses and gains are typically netted (capital gains with capital losses, ordinary losses with ordinary gains) and the balance carried forward. Certain losses may give rise to an NOL (net operating loss) which must be calculated, but an NOL can still be carried forward to future tax years.
‎October 3, 2019
12:35 PM